What is Economics?

Economics is the concept that contracts the manufacture, allotment, and use of produce and services. It is the study of how the use of inadequate resources will best satisfy the wants, needs and desire of the greatest number of people. The study of economics over the years as nations continues to connect globally has become tremendously important aspect. Economics consists of a large number of subdivisions with the two major ones begin macroeconomics and microeconomics. Macroeconomics encompasses the conclusion made by the people in the general public, such as the changes in interest rates that affects the national savings. Macroeconomics is the study of the complete structure of economics. Microeconomics consists of economics decisions made at a lower level. For example the change of a price item affecting an individual’s decision of purchasing that particular item. Microeconomics focuses on how the organization affects one business or parts of the economic structure. President Obama’s recent economic proposal is a perfect example of the economic force at work. The president proposed an income-tax credit of $3,000 for all new jobs above a company’s current employment level. The United States had proposed the “New Jobs Tax Credit” in 1977, which demonstrated economics at work in a perfect manner. The benefit on the dollar of credit is better with this approach and had become more target-effective. Evaluation results from studying the past “New Job Tax Credit” suggested that there were extensive effects in inspiring employment. Furthermore, the jobs that were created benefited particularly the low-wage workers. Since the limit on the credit per worker made it a more prominent for hiring lower-skilled, lower-wage workers. Theoretical work suggested that it’s particularly likely to be successful in an economy that is sliding further away from full...

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ECONOMICS
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
the social science that studies economic activity to gain an understanding of the processes that govern the production, distribution and consumption of goods and services in an exchange economy.
SCARCITY: THE NEED TO CHOOSE
Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. A common misconception on scarcity is that an item has to be important for it to be scarce. However, this is not true, for something to be scarce, it has to be hard to obtain, hard to create, or both. Simply put, the production cost of something determines if it is scarce or not. For example, although air is more important to us than diamonds, it is cheaper simply because the production cost of air is zero. Diamonds on the other hand have a high production cost. They have to be found and processed, both which require a lot of money. Additionally, scarcity implies that not all of society's goals can be pursued at the same time;trade-offs are made of one good against others.
The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources...

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Economics 1 Assignment
Name: Shaun Neo Wei Qiang
Student CT NO. : CT0209608
Date : 18th April 2014
Module : Economics 1
Lecturer : Mr Wong Hean Hoo
Outline
1) Introduction 2
2) Relating to the Article – Inflation 3
3) Some of the causes for inflation 4
4) Managing inflation 5
5) Conclusion 6
6) Biblology 7
7) Actual Article Selected 8
Page 1
Introduction
The article I chose Is from Today Online(with approval from Mr. Wong), which is heavily categorized under inflation .Reasons for choosing article due to that its related to present findings and forecast of the general economy. MAS touches on the housing, labor markets, wage pressures and Inflation forecasts.
Economic Terms of Inflation
Inflation can be defined as a continual increase in prices for goods which happens over a period of several months usually. Whenever inflation strikes, the purchasing power of consumers declines and the ability to purchase goods drops. This means that during a period of Inflation, the $X of money you spend only allows you to purchase a smaller portion of what you used to be able to purchase (full portion) before inflation. It can also be deemed as money losing its value overtime. Comparison of the difference in CPI(Consumer Price Index) is also vital. CPI is made up 6,500 of goods and services pertaining to general items...

... Economics Definition: Economics is a social Science dealing with the Economic Problem.
• Social: Science that deals with human beings.
• Dealing: Means facing and not solving.
• Economic Problem: The problem of Scarcity (The inability to satisfy all the needs & wants)
 Economics is giving us the rules of rationality; the ability of taking rational decisions.
 Economics studies the behavior of the government at the macro level.
 Micro Economics: It studies the individual choices regarding how firms & organizations’ reactions affect the market.
 Macro Economics: It deals with the whole economy that the government uses to improve their performance.
 Law of Demands: When prices increased, demand decreased and when prices decreases the demand increases. However, when the product is inelastic and one need it urgently, no matter how much the product’s price is raised, the person is going to get it anyways.
The Economic Problem
The Economic problem can be defined as: The inability of a human being (whether rich or poor) to satisfy his/her human needs. The Economic problem is mainly based on two factors, which are:
(Unlimited)
NEEDS & WANTS (Limited)
RESOURCES
-Needs: The very basic biological requirements to keep people alive (surviving). In other words, Needs are defined to be what...

...THE NATURE OF RESOURCE COST STRUCTURE AND THE PRACTICAL SIGNIFICANCE OF DIFFERENT COSTS
2.2 THE FACTORS INFLUENCING OPTIMUM SIZE AND THE SIGNIFICANCE OF DEMAND AND SUPPLY RELATIONSHIPS
2.3 UNDERSTANDING OF THE RELEVANCE AND LIMITATIONS OF ECONOMIC THEORY TO MANAGE DECISIONS
3. CONCLUSION
1. INTRODUCTION:
From the economic perspective, there are a full range of wants from individuals, firms and government but there is only a few number of resources or factors of production such as land, labour, capital and enterprise. The raw material will come from land, taking the example of oil, gas. The labour relates to the individuals able to work. The capital covers machinery, computers, offices or shops for retail people. Enterprise will bring all of these factors together and allow them to produce goods and services in order to make a profit. This individual report will be identifying the nature of resource cost structure and the practical significance of different cost. It will also explain the factors influencing optimum size and the significance of demand and supply relationships. It will finally demonstrate an understanding of the relevance and limitations of economic theory to management decisions.
2. MAIN BODY:
2.1 ECONOMIC PERSPECTIVE IN ORDER TO RUN THE COMPANY EFFICIENTLY:
Considering an example of project of creation of a manufacturing company based in the UK, the resources needed for the...

...1. Below is a list of topics in usually studied in
economics. Determine whether each topic deals under
the area of microeconomics or macroeconomics.
a. How Bangko Sentral ng Pilipinas influences the
consumer spending in the Philippines.
b. How a household decides what LPG brand to buy.
c. How a firm decides whether to continue business or
shutdown.
d. How debt affects the income gap among Filipinos.
e. How new parents decide whether to work or stay at
home with their children.
f. How the Aquino administration attracts foreign
direct investments.
g. How banks implements lower interest rates on car
loans.
h. How the Department of Finance creates new
policies on collecting more revenue from BIR and
BOC.
i. How a new entrant to the labor force decides
whether to work in a private firm or a government
office.
j. How the government addresses the issue of urban
and rural poverty.
2. Identify the economic system that each item below
characterizes.
a. Price system allocates the resources.
b. A central authority makes all the economic
decisions.
c. There is competition among the producers.
d. A master economic plan is being followed.
e. The government does not intervene in the economy.
f. All resources, goods and services, are privately
owned.
g. If the government fails, then the economic system
will fail.
h. An authority does all the economic...

...﻿There is no single adequate definition of whateconomics actually is, and the old joke that “economics is what economists do” is hardly helpful. A famous economist of the past, Alfred Marshall (1842-1924), said:
Economics is the study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being.
Economics has also been defined as the study of decision-making; decisions which involve choosing between alternatives in the related activities of earning, spending, producing and consuming, all with the object of achieving material well-being.
In short, economics is, like sociology, law and politics, a study on aspect of human behavior. It is important and relevant to all of us because it is concerned with such everyday activities as buying things, getting a job, using a bank and paying tax. Economics is concerns with people’s wants, in particular their material wants, and how they can be satisfied.
Economics is often thought of as a science. However, it is a very inexact science because it is a social science, and is affected by the many influences that lead to incessant change. Human behavior cannot be examined with the same precision with which a natural scientist can examine laboratory specimens. The...

...The repercussions of the economic crisis are not going to disappear in the short
What is economic crisis?
* An economic crisis is A situation in which the economy of a country or countries experiences a sudden downturn brought on by a financial crisis. A financial crisis is a situation when money demand quickly rises relative to money supply. Until a few decades ago, a financial crisis was equivalent to a banking crisis. Today it may also take the form of a currency crisis. Many economists have come up with theories on how a financial crisis develops and how it could be prevented. There is, however, no consensus and financial crises are still a regular phenomenon. A stock market crash is an example of a financial crisis. An economy facing an economic crisis will most likely experience a falling Gross Domestic Product or GDP, a drying up of liquidity and rising/falling prices due to inflation/deflation. An economic crisis can take the form of a recession or a depression. Also called real economic crisis. Or in shorter words a long-term economic state characterized by unemployment and low prices and low levels of trade and investment.
Introduction to the global economic crisis:
* The global financial crisis, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial...

...What is Economics and how will it apply to me in the future
This essay explains my views about whateconomics is, firstly by definition, and then examines how economics can be used in my future career and daily life. The focus will be about decision making, according to three principles in economics: trade-offs, opportunity costs and marginal benefits versus marginal costs (Gans, King, Stonecash, & Mankiw, 2012). It will be argued that these principles will be the tools for making rational decisions and therefore resulting in better outcomes, than without know them.
The definition of economics is known to various people in society, but taken in different forms. Callahan (2004) describes economics as the interactions between people in society, a theory of consequences of choice, and the science that explores the implications of these choices. These interactions would seem that humans make decisions and that outcomes of such decisions can be evaluated. There are also many other sciences, some of which, may not be able to capture the interactions of human actions in society. This is supported by Callahan (2004) who indicates that the science of human actions differs from other sciences, such as physics, which deals with the “mechanical regularity of the physical universe” (p.18). However, if economics is the study of human actions, then some may...